Evening Star Newspaper, October 22, 1929, Page 13

N [ ] F - CURB SHARES GAIN IN AGTIVE BUYING Rally Continues A'frter Selling Is Checked—Many Is- sues Advance. BY JOHN A. CRONE. INA v. 1929 Low. 6 44 15 o 12's 4615 4415 74 b 1 ) 164 23% Stock and Dividend Rate. Acetol Prod A, Adams Exp (new) Aeronautical indust, Aeronautic Ind war.. Aero Supply B...... Ajrstocks, Ine v te.. Allied Pow & Lt. ... AllP&L1stpf5... Allison Drug St A... Allison Drug St B. ... Am Br B El fd shs. Am C P&L B (b10%) Am Colortype($3), .. Am Com P A ($30c). Bales— Add 00. 1 Bpecial Dispatch to The Star. NEW YORK, October 22.—Continue | ing the rally in evidence at the close | of the previous sessfon, stocks on the curb today opened higher. The advance | was under the leadership of utilities, industrials, investment trusts and avia- | tion shares. A few of the big openings were Cities Service common, 50,000 | shares at 591;, or off !y point; Electric | Bond & Share, 15000 shares at 131, and General American Investment, 10, 000 shares at 21%, or up int. Blocks of 5,000 sharec frequently ap- peared at overnight gains. Trading Is Heavy. i Cities Service moved up to 61'g in| .the first half hour, but later reacted somewhat. Indian Territory Illuminat- ing Ofl, a_Citles Service subsidiary, opened at 45 or up 8% points. Shortly thereafter it hit 39'. and coritinued to move within a wide range. Responding to an earning Teport showing $4.83 a share, partly profits| from securities sold eariler in the year, against 15 cents a share in the 12 months ended September, 1928, Amer- | fean Superpower opened higher and continued to advance in the forenoon, | despite profit taking on each bulge. Electric Bond & Share reacted some- what before midday from its opening quotation. Associated Gas lpnenrrd[ initially at a decline approximately 2 m\nu, but early headed higher. Elec- c Investors moved within a range of & points. General Theaters and Fox A, both hit hard in yesterday's session, were among the first industrials to improve. Dow Chemical, old, wasdown & few Pomu at the opening, while G At- antic & Pacific Tea and Tubize regis- tered initial games of more than 10 points. f Baltimore Markets Bpecial Dispatch to The Sta BALTIMORE, Md., October 22— Poultry, alive—Turkeys, pound, 40; Spring chickens, 23a28; Leghorns, 23a 24; old hens, 23a31; Leghorns, 18a20; old roosters, 18a20; ducks, 20a23; guinea fowls, each, 40a75; pigeons, pair, 25. Eggs—Receipts, 490 cases; native and nearby firsts, 48a50; current receipts, 40a41; hennery, whites, 53a55. Butter—Good to fancy creamery, pound, 42a48; ladles, 35a36; store pack- ed, 28a28'%; rolls, 31a32; process but- ter, 40adl. | Live Stock Market. Cattle—Receipts, 2,000 head; supply good, market steady. Steers, choice to prime, none; good to choice, 12.75 to 13.25; medium to good, 11.50 to 12.60; fair to medium, 10.25 to 11.25; plain to fair, 9.25 to 10.25; common to plain, 7.76 to 9.25. Bulls, choice to prime, none; medium to good, 8.50 to 9.50; fair to medium, 7.50 to 8.50; plain 15 to fair, 6.00 to 7.50; common to plain, 6.00 to 6.50. Cows, choice to prime, none; good to choice, 8.00 to 8.50; medium to good. 7.50 to R.00; fair to medium, 6.00 to 7.00; plain to fair, 5.50 to 6.00; common to plain, 4.00 to 5.00. Heifers, choice to prime, none; good to choice, 10.00 to 10.50; medium to good, 9.25 to 9.75; fair to medium, 8.25 to 9.25; plain to fair, 7.25 to 8.25; common to plain, 6.25 to 1.25. Fresh cows and Springers, 60.00 to_150.00. Sheep and lambs—Receipts, 400 head: fair supply, market steady. Sheep, 2.00 to 6.00; lambs, 6.50 to 13.25. Hogs—Receipts, 500 head; light sup- ly, market lower. Lights, 10.25 to 0.75; heavies, 10.40; medium, 10.50; roughs, 7.50 to 9.20; light pigs, 10.00 to Am Com P B (130c).. Am Cyanam B (1.60) Am Equities...... 4 Am For Power war.. Am Gas&Elec ($1) Am Invest Inc B.... Am Inves Inc B war. Am Lt & Trac (10) Am Maracaibo. . Am Natural Ga 3 Am & Scot In (1.20). AmStPSA (1.60) Am Superpower. ..., Am Superpow pf (§), Anglo Chil Nitrate. . Apex Electrical Mfg. Arcturus Rad Tube. . 9 Ariz Globe Copper. Arizona Power. Arkansa Arkansas Nat G Asso-Dyeing & Ptg Atlas Plywood (4) Auto Voting Mach. . Aviation Ci : Aviation Cr : *Toh A (3.20).. Rah & Wilcox (7). R Ridge Corp. . RBiue Ridgze Corp pf.. Blumenthal (). Brazil Tr & Lt (2). Br Celanese Ltd rets. Brit Am To regt1.20. Buckeve Pipe L (15). Buf N&E P pf (1.60) Bulova Watch. Bunk H & Sull Buzza Clark & Bwana M Kubwa Cafle RT vte. .. Cab&WireLtdA rets, Cabh&WireladRB rets. Cab& WireLtdpf rets Can Marconi. . . Carib Syndicate. ... Carnat Milk P (1%) Carnegie Metal: . Celanese Corp. . Celan Cor 1st pf (7 Cent Atlantic State Cent PSV A (a1.75). Cen States El (140c)., Cen States Bl war. .. Centrifug Pipe (60c) Chain Stores Dev. Chain Stores Stock Chi & N W bond Cities Service ($30c) Cities Serv pf (6)... Colgate Palm P (2).. Colon Oil. . . Columbla Community Water Comwth Edison (8).. Comwl Ut B ($50c).. Consolidated Copper Con Gas Balt (3) Con Gas Ut A (2.2 Cofis Instrument. 4 Cons Laundries. Con Retall Strs (1)., Continental Ofl...... Copeland Prod Inc A. Cora Corp. . o5 Corroon & Re Cor & Rey pf A (6) Cosden Of . . Cream of Wheat (2). Creole Petroleum. .. Cresson C'ons (.08). . Crocker Wheeler(n). 4 Curtiss Flying Serv. Curtiss Wright war. Cusi Mex Mining Darby Pet (1)... Davenport Hos (2) Deere & Co (6). De Forest Radio. De Haviland (30c). .. Derby Oll & Refin... 21% 449 68 14% 45 814 814 26 N 2 K] anSeunSonmaasanwns avs (S Open. 21% 48% THE EVENING STAR, WASHINGTON, ~Prev. 1929~ 8t . High. Low. 2:15. Low. 21% 21% 21% 91 45% 48N 15'% Detroit Doeh 3 Donner 14% 46 70 Dow Ch Dow Ch Dresser Durant Earl Ra East Ga. E; sastern El Bond P&l ‘abrics Fairchil 4 Fanstee Fedders Fer Ena Fiat Stk Finan In F Gen Am en Am eneral General General en R & Godehav Goldm 8 Graymu Gt Lake: Greenfie Guard F Guilt Ol1 Hap C A Homaok Hudson Humble Hydroel Insull U Insull U Internat Int Int Supe Inter Ut Interst. Johnson 10.25; pigs, 10.50 to 10.75. Calves—Recelpts, 100 head: light sup- fiyéo market steady. Calves, 7.00 to Vegetable Prices. Potatoes, white, barrel, 1.50a4.00; 100 .15; sweet potatoes, bar- 582.25. Beets, 100, 3.0024.00. Beans, bushel, 150a2.25. Cabbage, hamper, 75a1.00. Cauliflower, crate, 1.00 al1.75. Carrots, 100, 4.00a5.00. Celery, crate, 1.25a2.25. Corn, dozen, 20a30. ‘Eggplant, hamper, 20a40. Lettuce, crate, 75a1.25. Lima beans, hamper, 2.50a3.50. Onions, 100 pounds, 1.75a2.00. Peppers, hamper, 20a30. Squash, hamper, 25a40. Spinach, bushel, %5, Tomatoes, hamper, 25a60. Turnips, hamper, 20a30. Apples, bushel, 2.50. Cranberries, box, 3.00a3.65. Hon- eydews, hamper, 1.25a1.75. Grapes, basket, 50. Grapefruit, box, 3.00a5.00. rs, bushel, 2.75a4.00. Quinces, hel 75a1.75 Hay and Grain Prices. ‘Wheat—No. 2 red Winter, spot, 1.23; No, 2 red Winter, garlicky, spot, 1.22; October delivery, 1.22; November, 12215 No. 3, garlicky, 1.18'5. Corn—No. 2 domestie, yellow, 1.13; cob corn, 5.50a5.75. ts—No. 2 white, domestic, spot, :7; No, 3, white, domestic, spot, 55%2a 6. 1.12a Rye—nearby, 1.00a1.10. Hay—Receipts, none. Season for old hay 1is about over. A little new crop is arriving, but hardly enough upon which to estabiish quotations by grades. Where n good order, new.hay sells at from 13.00 to 15.00 per ton, according to its guality and condition, Teceipts by truck taking care of most requirements. Straw—Little demand for straw. Re- {pts generally ample. Wheat straw, Em 1 per ton, 9.00a10.00; oat straw, | 0. 1, per ton, 9.00810.00 TRUST CERTIFICATES OFFERED BY B. & 0. Bpecial Dispatch to The Star. BALTIMORE, October 22, —The Bal- timore & Ohio Rallroad is offering £13,500,000 4!, &cr cent equipment trust certificates through the Bankers' Co. of New York, the Continental Illi- nois Co. and Evans, Stillman & Co. The certificates mature annually in installments of $000,000 from November 1, 1930, to November 1, 1944. Proceeds of the issue will be applied to the purchase of at least $18,000,000 worth of new equipment. The railroad will supply cash for all in excess of the yleld of the certificates. The principal and dividends are guaranteed by the railroad subject to | approval given by the Interstate Com- merce Commission. NEW YORK COTTON. NEW YORK, October 22 (#).—Cotton oopened steady at an advance of 23 to 37 points on a broadening of trade and commission house demand together with active covering by shorts, which was evidently influenced by the Federal Farm Board's :luuglxem. and relatively steady Livel cables, ¢ berrp‘:?)ld up to 1840 and March to 1879 on this initial buying movement, making net advances of about 30 to 38 points on the active sitions. Southern hedging and realiz- -5?; seemed to supply buyers around these figures and the volume of busi- ness tapered off somewhat, but the buy- ing continued and realizing sales were absorbed on reactions of 5 or 10 points during the first half-hour. Liverpool cables said the market there had been jnfluenced by covering and general bilying on the Farm Board action with reference to loans on cottgn INDUSTRIAL GAIN ARE DUE TO EDISON Inventor of Incandescent Lamp Laid Foundations for Many Fortunes. BY JOHN F. SINCLAIR. Special Dispatch to The Btar. NEW YORK, October 22.—Edison, & newsboy “on his own” at the age of 12, was honored Jast night in nearly every great city of the world where the elec- tric light is known. Leningrad, in far-away Russia, cele- brated. So did Constantinople and Rio de Janeiro. Canton, China, joined in doing honor to the world’s greatest in- ventor. Tokio, Japan, too. It is doubt- ful if &ny human being ever lived to see such tribute paid to him during his life. Caesar never did, mor Napoleon, mnor Abraham Lincoln, but Thomas A. Edi- son has. Without the help of Edison the vast industrial expansion of the last 50_years would have been impossible. Billions of dollars have poured into the electrical industry since he invented the electric light 50 years ago. One in- vention like that would have been enough for the ordinary individual—"set for life,” but not for Edison. Even be- fore that he had, in co-operation with Frang L. Pope, invented the Universal stock ticker, still used for quoting stocks on tpe market. Other milllons of dollars were turned into the sale of typewriters after he as- sisted Sholes in building the first one nine years before electric light was in- vented. Edison invented the carbon telephone receiver. The Edison phonograph pre- ceded the incandescent lamp by two };g:rs. Another big industry got under vay. But the electrical age was really ushered in with the electric lamp. Edi- son set to work, feverishly, to harness electricity to other things, He worked out a life-size electric railway at Menlo Park 48 years ago. The railroads only now are beginning to use it. It has tre- mendous possibilities. He discovered the motion picture camera in 1891. The amusement in- dustry was revolutionized. Then in 1912 he brought out the talking motion pic- ture. He was busy traveling the dizzy heights, These achievements are outstanding. He has assisted and invented hundreds of other appliances which have vastly helped industry and business, Edison had many hardships. At times he had no money. Even now he is a comparatively poor man. But he had a few loyal friends who backed him. So he kept on, ‘Today, at 82, the entire business, edu- cational and scientific world stops to pay tribute to this living man, whose name will be linked in the ages to come with the half dozen great benefactors of the human race, Four years ago Barron's Weekly offered prizes for the best suggestion recelved for investing $100,000 for a widow and two small children. , A. Vere Shaw did not win the prize, but he suggested a list of bonds and common stocks which he considered d that sellers were reserved. They . d & fair cloth inquiry from e lained that business vided between T e ot w0l fehe ik Ghis was iow 19 developing. - siocks. o oot 1o W6 85505 iy R I b desirable for investment at that time. They totaled $9! b—dm.\:a evenly di- Dividend Dix Gas & Utllities. r Die Casting. 3l Rond & harehold (31) .. ans Wallow L Fed Screw (1315) Firestone T & 1} (8). x3: Fokker Aaircraft Ford Motor Can A. Ford Motor Can B. n W W&IZA (2)... he Underwriters. Haygart Corp.... Helena Rubenstein. . Hercules Mot (1.80).. Hollinger Gold (60¢) Interstate Kquities. . JrvAirC (2 Ttalian Superpo Italian Superp war Sales— Add 00. Open. 13 9% 5 21% 2 34M 3 50 ock and ate. High. Low. 2:15. Afrcraft Cor. 9 9.9 s. . 21% Steel Douglde A emic emical (n)... (SR) MA(3). Dubelier Cond&Rad. Duke Powder Motors..... dio Corp. .. s & F Asso. t States Power Uth Inv A. Eisler Elec Corp. & Sh (b6) . hpf (6) Investors pf (6) Pow Associates. . Pow Associates A L opt war. hold pf (6). cum pf (8). Lead. Finishing. . d Aviation. 1 Products. . Mfg A (2). mA ( debrisrets, nv N Y (bR) HENNAND OwNB—S e 5 245 6 26% 3Ry 30 9 147 187 2431 2 26% 3818 orhan Co A (1 4 Fourth Nat Iny Fox Theaters A Franklin Mfg (2 Invest new Inv ptn (6). Baking. . Bak pt (6) Cable war. Gen Lau Mch (1.60). Gen Print Ink (214). n RIty & Utflities Util pf (6) A (2) ix Sugar B. Gold Coin, Gold Seal I ach T r Corp. GrA&PTnv (5)..x110 Gr A &P Teapf (7). x40 sSteel pt pe.. 1d Tap&Die. Groc Stors Prod vte. Ground Gripr(11%). Assn (2) of Pa (1%). 4 Hall Printing (11%), (b1.40) INON-5: e Houston Gulf Gas. Bay M &S. Oil (12). Huyler Stores of Del ervice (1). Hygrade Food Prod. Imp Oll Can n ¢50¢).. Indian Terr 1llum STV o 4 tIn2d pf6.. Insurance Sec (1.40), Insuranshar of Del. . Intercontinent Pet n. 4 Int Petroleum 37} Products at RB (12%): rpower (31). iIB (3%)... 3) cv-pf.(3 e Motér Co... 1020 Low. 5 6 ' Jonas & Naumburg. Karstadt (R)... Kirby Petroleum. Kolster-Br (Am Sh). Kruskal&Krusk 1% . 1/Air Liquide Lakey F & M (12.40). Lane Bryan tIne (2). Lefcour Real pf (3)., Lehman (The) Corp. Lerner Stores Corp. . Libby McNell & L. .. Lily Tulip Gup Corp. Lone St Gas n (80c). Long Island Lt (40¢) Louisiana Lan & Ex. . MacMarr Sts Mangel Stor Mar Midland Corp Mavis Bottling. ... McCord Rad B (2) Memph Nat Gas Co. ., Mer & ME S A (1.50), Met & Min Inc (1.20. Met Chain Stor Middle West ) Middle Wes? Utiln.. Mid W Utll ev pf(6). Mid Royalty ev pf 2. Milgrim & Bro: Miller & Sons (2). Mo-Kan P L (L5%). Moh Hud P 2d pf (7). Mount & Guif (3c). .. Mount Prod (1.60), Murphy Co (1.20) Nat Amer Co (2). Nat Aviation. Nat Fam Strs (1.60). at Fuel Gas (1).... at Investors (new) at Pub Sv A (1.60). at Screen Serv 1.60. at Sugar N J (2) at Transit (1174).. Tnfon Radio. ebel (Oscar) (1%). evada Cal Elec. Newport Co (new). . New Eng Pow pf (). New Jer Zine n (+3), ewmont Min (14). Y Invest (1.2 Y Invest ( 13% 1y 2% 10 - e 'S o » ZonamairannSenBosacannnEoaan % £ P YQUPIOIUPPGUPY P PRI M ® @ N Y Tel pf (6'4) 3 Nlag HPow & » 1212 Niag Hud Pw A war. - 12 Niag Hud Pw B war, 6 Niagara Sh (B 1-40). Niles Bement Pond. . Noma El Cor (1.60) oranda Mines. .. orth Am Aviation orth Am Util Sec. orth St Pow A (8). W Engineer (2)... Novad Agene pf (7). Ohlo Copper. . Ohio Ol (12% Oflstocks Ltd A $50c Orange Crush (1.50), Outbd Mot A (1.80).., Pac Western Oil Pantepec Oil Pandem Ofl. Param C Mfg (2.40). Patterson Sargent. .. Penney (JC)......0 Penn W& P (2%4)... Peop Drug Strs (1).. Peo L& P A (a2.40). Pepperell Mfg (8)... Perryman Electric. . Petroleum Corp Philip Morris In Plerce Govern (1%). Pilot RT A (1.20) Pitney B P n(20c).. Pitts& L E (5) Piymouth 011 (2). Pwr Corp of Can(4). 4 Premler Gold (24c) Prince & Whitely. Prince&Whitely p: Prudential Inv...... Pug SP & Lt pf (6).. Pyrene Mfg (80¢c)... Rwy & Lt Sec (14).. Rainb Lum Pr pf B., Reliable Stoes b1%.. Reliance Manage. . Reynolds Bros Ine 4 Roan Antelope Min, Rockland L & P Rolls-Roy Ltd ret Rolls-Roy of Am pf. Roosavelt Field,Inc 39t 124' 1024 17% 94 58% 11319 29" 28 474 38% 20% 17% 32 134 1567 185 37 22 136% Ruberaid Co (4) 4 St Regis Paper. Salt Creek Prod (2).. 13% 10 . 1929 13% 24 2 14 24 2% 1814 S 34 Selfridge 10% Shattuck 53 Sisto Fin 14% Southern 12 12 18 145 98% St Pow & 125 Standard 26 26 17 8 48 10 % 1231% Bwift & C 29% Swift Int 35 60 25 48 35 13 30 10314 2 Tri-Cont Tri-Cont 34 30 14 113 Unit Bl 2113 United G: UnitL & 56 82 15 63 44 14 27 UtP&L 231% Utility & 27 107 Vick Fin 30 10 4 Woodley 2% Pennroad 69% 27% 1% 69% 29% 1% the same: $2,655 from bonds and $2,500 from stocks. That same list four years later on July 30, 1929, had a market value of $221,003, while the income had moved up from $5,155 to $9,988. Here are his 10 rules for seund in- vestment: 1. Own only bonds and stocks of leading companies in sound and essen- tial industries. 2. Except for bank and insurance stocks, own only stocks listed on one of the major exchanges. 3. Own only stocks which can boast an unbroken earning as well as dividend record of at least 10 years. 4. Own stocks in at least five differ- ent industries. 5. Own stocks in fairly equal amounts in at least fifteen different companies. 6. Own a few low-yleld stocks as a means of building up capital and future income. / 7. As a rule, buy bonds under par to obviate the possibility of spending capital. 8. Subscribe to one high-grade finan- cial journal and read it regularly and | thoroughly. 9. Do not be disturbed by losses on individual risks, but keep an eye out for a gain or a loss on the aggregate. 10. Once & year sell at least one stock, choosing the weakest on the list and having no consideration whatever for its original cost. Replace it by an- other good risk. No one’ could go very far wrong fol- lowing these rules. ‘The New York Stock Market had another bad day yesterday. In the total turnover of 6,091,870 shares, prices were crashed in an avalanche of se- curity selling from $2 to $50 a share lower than Saturday last. The curb | market turnover—3,715,000 shares—was a new all-time record. Yes, it was a sad, dark day on Wall Street. Money ruled at 5 per cent, but public confidence has been so badly shaken | that thousands of people apparently | decided to get out at any figure. Investment bankers report that they are not able to move any security into the public hands, for the public ap- pears to be well loaded with stocks which_they cannot dispose of now, at a profit. Jesse L. Livermore, the well known bear plunger of former days, was cred- ited with driving the stock prices down. He denied it yesterday completely and emphatically. ~ Neither is he foolish enough to think that any one individ- ual or a few individuals working to- gether could artificially bring about decline in the stock market in a coun- | try so large and so prosperous as the United States.” | Here are Livermore's words: “What | {has happened during the last few weeks 15 an inevitable result of a long period of continuous rank manipula- tlon of many stock issues to prices many times their actual worth based on real earnings and yleld. The men who are responsible for bringing about these fictitlous prices are the men who are directly responsible for what is hap- pening in the stock market today.” Basic conditions in most industries are sound. Employment is at a high peak. jut the tendency will be for people to draw the hasty conclusion that what is happening in the market reflects the condition of industry. Should such a psychological reaction occur throughout the country generally, | it would have a tendency to slow down | | business and arrest the present business | expansion. “While American industries have in- creased their output 46.5 per-cent and per capita productivity more than 53.5 per cent in the last 10 years, thousands of workers are still unable to get jobs,” says in economic thinking during the decade. In the old days if the laboring had no job—well, it was just too bad. Now, a laboring man out of a job means less money with which to pur- chase gooods. His predicament has become & social problem, too. Prof. Tugwell of Columbia University has stated that wage earners consti- tute 86 per cent of all the buyers of goods. In ‘he old days industry fo- cused its attention on financing pro- duction. But production is only half the picture. It is absolutely dependent on market and consumers. ~Consumers credit is really labor credit. “Where 60 men were employed to cast pig iron under old methods, 7 can now do the same work; 2 men can load as much pig iron as formerly required 128; where 42 were formerly needed jn operating open hearth furnaces, 1 is now sufficient,” says Mr. Green. ‘Wesley C. Mitchell, w York econo- mist, belleves that whil§ machines wipe out the old jobs, they create new ones. We are working fewer hours and using less physical energy. The telephone and the automobile, making us walk less, have changed our eating habits. We now eat more dairy products, vege- table oils, sugar and fruits—less meat and bread, Change—a constant proc- ess of adjustment. But machines, saving labor have ac- celerated the expansion of business in other directions. Wiiness the A. O. Smith Co. of Milwaukee. So the num- ber of American laborers today work- ing full days, is the largest in history. (Copyright, 1929, by North American Ne paper Alllance.) New Securities By the Associated Press. NEW YORK, October 22—New se- curity offerings today include: Cuyahoga County, Ohio, $3,328,300 5 per cent bonds, maturing serially Oc- tober 1, 1930 to 1939, inclusive, priced to yield from 5.25 to 4.60 per cent; and $1,033,000 4% per cent:- bonds, matur- ing serially October 1, 1930, to 1944, in- clusive, priced to yield from 5.25 to 4.50 per cent. Offered by a syndicate in- cluding Continental Tllinois Co., First~ Chicago Corporation, the Detroit Co. Otis & Co., the Guardian Trust Co. and others. State of New Mexico, $2,000,000 high- way 6 per cent debentures, due October 1, 1934, to 1939, at prices to yield from 5.20 to 5.10 per cent, according to ma- turity, Offered by Well, Roth & Irving | didn't mean gains as we think of gains | Co. CRUDE OIL PRODUCTION AGAIN SHOWS INCREASE By the Assoclated Press. TULSA, Okla, October 22.—An in- crease of 78,271 barrels in the total dally average production of crude ofl in the United States last week halted the downward trend noted over a period of a month, the Oil and Gas Journal says today. ‘The temporary lifting of proration in the flush Oklahoma City pool ac- counted for an increase of 75,000 bar- rels in ti field. ‘Total dally average production for the entire country in the week ended “cto- ber 19 was eslimated at 2,909,255 barrels as compared with 2,830,984 barrels for the preceding week. The Santa Fe Springs deep-drilling area in California forged to the front again, making up most of the 6,500~ barrel increase in light oil production reported for the Pacific Coast area, where heavy ofl dropped 4,000 barrels. The total Mid-Continent area gained 62,446 barrels in light oll and re- watned virualy n \ BY CLINTON COFFIN, Associated Press Financial Writer. Neither the recurring stock market shocks nor the renewed spectacles of re- cession in security prices are inducing abler’ Government administrators to abandon the attitude of restrained con- fidence with which they have been re- garding the business situation for some months, The impression that they give observers is of conviction that the economics of the production and dis« tribution of commodities in the country is generally on a sound base, and that the speculative turmoll is more or less taking place in & compartment of its own, relatively affecting litlte the proc- esses of supply human needs and desires in all of thelr ramifications which make up business. “We don't know quite as much as is probably desirable of the actual statis- tics of the subject,” Secretary Lamont of the Commerce Department remarked in explaining why he regards the whole stock market performance as a thing apart from regular industry and trade, “but my impression is that relatively the number of people participating in stock speculation, even on the unprecedented scale we have recently witnessed, isn't large, when compared with the whole population of the country. Thus neither the gains nor the losses they experience can be expected to alter the consuming power of the public. It has always been found that both in the upward ascen- sions and in the probably inevitable fol- lowing descents, that buying power in this vast Nation has neither been spurred nor retarded. “So I think that this will be the ex- perience again. Fusther, this speculative riod has had one unusual character- stic which may be expected to reduce its influence on general business as com- pared with whatever Influence other speculative waves have produced in their passing in previous years. One reason stocks have soared to extraordinary heights and held there is that owners of great blocks have been unwilling to sell, take the profits and stop the as- censions, because they were unvn.ulns to pay the income taxes that it woul have occasioned. The great bulk of so- called profits in this last speculative period has been singularly a pa mat- ter, and the erasing of the high figures is equally a paper matter. “The fact is, one can hardly say that these declines mean losses as we think of losses ordinarily, just as the rises in ordinary affairs. Severe as have been the losses by probably a large-sized roup of speculators, it seems to be a fact that the great accumulations of securities have just been going through a bookkeeping phase of being marked up and down. I don't believe the ef- fects will be notable in general busi- ness.” ( Certainly the market proceeding il- lustrates in & grim fashion for some of the present generation of market “traders” what the late E. H. Gary sald in Washington about the law of supply and demand. He was testifying on that ancient principle before the Federal Trade Commission one time when policies of the Steel Corporation were under fire. “I've always noticed that just a little bit of a surplus will force prices away down, in a way that is dispro- portionate to the size of the surplus | entirely,” he declared. “And just the smallest shortage, on the other hand, seems to drive them far up. The varia- tions aren't in proportion to the sup- ply or needs at all.” That principle has been Iaf m{ obvious ket. BSmall of a have been sufficient to make an unde- sired overplus, in the line of Judge Gary's comment. On the other hand, as can be noted from the trend of irterest rates, tne same principle seems to be working there. Loans to brokers haven't come down except in small degree from the breath-taking totals reached this year, but call money rates have been cut half way down from their peaks in- stanter. The Federal Reserve Boara will have the calculation out Thurs- day as to what the recert movements have meant, and few people expect that loans will show great declines. Nevertheless, a few score millions have been released, and that is entirely suf- ficlent to. affect the return rates on the $6.000,000,000 which in all proba- bllity is still being lent. While labor unions have not had the most fortunate of records in operating banks, and the number of such in- stitutions so controlled is markedly less now than it was a few years ago, there is & banking house in Washington —the Mount Vernon Savings Bank— which is 52 per cent owned by the Ma- chinists’ Union and is now considering | the advisability of going into branch | banking. W. M. Johnston, one of the vice presidents, who represents the union in its affairs, in discussing its prosperous history, cited one point of significance built out of its experience. “It certainly hasn't been the dispo- sition of union-owned banks to lend money to union members that has oc- casioned the financial difficulties which a few such enterprises have met,” he sald. “We've had, of course, our losses in lending money during the last few years, though not to a degree that isn't ordinary in good banking. But it is & fact that we have made some thou- sands of loans to individuals, sometimes with an indorser, but chiefly on the showing that they are members in good standing in labor organizations, with a good record of dues-paying. “Now, we have never had & single loss in_five years on a loan of that class. Every loss we have had has come in the commercial fleld and has been of the nature that any commercial bank must expect. We think that is a pretty good record.” Business Notes By the Associated Press. . NEW YORK, October 322—A. V. Walnwright, until recently president of | the California Consumers Co. and for- merly president of the Inland Power & | Light Corporation, has been elected | president and a director of the United | States Engineering Corporation. The Rellance International Corpora- tion, afMliate of the Reliance Manage- ment Corporation, reports t 82 per ts was in cash and tober 19, Of that Kruntwuuuw and 5% per cen ‘bonds, A special meeting of stockholders of the Southern Surety Co. has been called for October 31, to consider an increase in the capital stock from 250,000 to 300,000 $10 par common shares, F. W. Wilshire, who recently resigned as vice president in chnrg; of sales of | the Consolidation Coal Co., has been elected & vice president of the Island Creek Coal Co. | - A. Joyce, president of the Ohddenl Co. of Cleveland ssid today that sev- eral ‘“conversations” have been held with & view to merg with other companies, but that no ite plans h;np.:u formulated and that the Wil papiioue. Stoc! 5 Dividend Rate. Schift (The) Co (1).. Schulte Real Estate. Schulte U Sch U 5c-$1 S pf (7). Seaton Leather 814 Seg Lock & H ( 96 Seiect Ind 2d pd 4 714 Sentry Safety Cont.. 2614 Sharp & Dohme. 197 Shndoah Corp(b8%). 42% Shenan Corp pf (3).. 478 Sierra Pac Elec (2).. 2% Sonora Preducts 40% South Penn 0il (2) 83% SEP&Lprpf(4).. 14'x Southland Roy (1) 8 W Dairy Products. S W Gas Utll £ 5114 St Oil of Ind St Oil of Kansas 35'% St Ofl of Ky ( Stand Pow & 45% Starrett Corp pf(6).. Stein (A) & Co. .. 1514 Steir Cosmetics Inc. Sterchi Br St (1.20). 91 Stinnes (Hugof..... Strauss Roth. . 814 Stutz Motor Car.. Sunray Oil. . Sun Inv pf (3) o Swan Finch Oil 30¢. . 0 (8) Taggart Corp Tampa Electric (12). 297% Taylor Milling (214) 12'; Texon Oil & Land. .. Thermoid Co (2) Third Nat Inv (1) Thomp Prod A (12). 62 Transamer n ($1.60). Trans Air Trans 5% Tran-Lux DL P Tub Art Silk B (10) 38 Tung-Sol Lamp (2 287 Ulen & Co.... Un N G Can (+ 1% TUnion Tobacco United Ch pt pi 11'3 United Dry Docks U & Dairy B. . Unit P&L pL (6).... United Molasses Ltd 30% U S Fininshing (12). U S Gypsum (1.60).., US&InSctf (2%). 17% U S Lines . U S Rubber Reclaim. Unit Sh Mch (13%) 614 United Stores. ... 15% United Stores A, Utd Stores pf(6) . Unit Verds Ext (4).. .80 Unity Gold. . 21% Uitl P& L (31 Util & Ind pt (1%). 23% Utility Equities 105'% Vacuum (4). 18% Vam Camp Pac 71% Walgreen Co 1414 Wayne Pump. # Wenden Copper..... West Air Exp (60¢) Winter (Benj). . 29% Zonite Prod (1.60)... RIGHTS. Am Cynamid. Asso Gas & Kel Bell Tel of Can. @e-C'o Mfg. Citles Serv May Dept Stores. Mid West Util N Y Central.... FINANCIAL. COMPLETE TRANSACTIONS ON THE NEW YORK' CURB MARKET k and Sales— Add 00. Open. High. Low. 2 15. 141 AT . . 41 15'% n 5e-$1 St.. 57 50 18 10 » amnRamanm 96 Prov § 27c. 26 Den Min. Sl renmmanaling Corp.. Corp. . Ltpf (7).. Screw (19) 12). & SA. inental Cor. Corp pt (6) » S e €0 P A (60c).. 2 an manennD— A nooulvansne~baa nB oo unerae HENRPARONTAALD HEENNBRHSEDA Betts (31). Ind. N 24° 120% 121% 19 12% 91 13 118% 120 18% 19 12% 91 Corp. Petroleum. Expire. Rainbow Lum Sterra Pacific.... United Gas Imp Zonite Products I CURB BOND LIST I s 1 4 Ala Pow 4s '67.. 18 Alum Co Amer 8s 2 Am Commonw_ 6s, 11 Am Gas & El 3 ' 5 Am Pow & Lt 6s 14 Am Roll Mill 8s ° ating 65 '36. 99 93 9 1191 1193 419 9813 9513 95! 10513 108 16235 102% o 97% 168 120 IY2228] 5223 oz, 0 4 108" 2 Y 10 388 25 09900 g2sa3y vz, El-. o8 AOLR998! ) 20000000 SE = = e 525" BB arEannans-teonns e mannsodhnna s o ™ o y 2528 ZEEE 22 08! 2 99t 103% 1 it = S 101100 0 RS A O A 00 5000 e RS 89 AN e DYVYZZZZZZ 8555733303252 T EE D 2 e EEL Ju38zs08sesEe 223333228892228% S FEESE O - 87 94 94 2. 10812 103'2 10315 823, 823, 82 b mania mqg % %3 itisgo 7 L i Y 791 2te 25 .2 iy &y 15% 6 18% ™% 34 12% 10112 10175 101 122 121 122 s 1013 101% : 991, 991 033 S FREEE ** 13 SHIPMENTS SMALL AT D. . MARKET Rain and High Wind Prevent Haulers From Delivers ing Vegetables. > Last night's rain and high wind proved a severe handicap to persons engaged in the business of hauling eggs, poultry ard produce from rural sections of Maryland and Virginia to the localjmarkef, with the resuit that fewer haulers were in evidence this morning. Lessening of receipts did not ma- terially affect the market, however, for wholesalers had supplies left over from yesterday sufficient to meet demands. Rain this morning made conditions about the market sloppy and held back retailers. It was reported by meat dealers that business was fairly brisk yeterday and today, demands showing a steady increase. It also was reported that the demand for poultry was fairiy heavy. Poultry Receipts. Receipts of poultry .from nearby Maryland and Virginia this morning were fairly heavy, numerous haulers having braved the storm last nighe, others having started before the ap- yearance of the storm, all reaching here in time for today's trade. Fruit and vegetable supplies in the commission house district this morzing continued attractive, but there were fewer haulers on the farmers’ linv, although supplies carried over from yesterday were ample to meet demands of retallers. A report of the Bureau of Agricule tural Economics, Department of Agri- culture, released yesterday, shows an estimated increase of 9.2 per cent in the turkey crop over last year, a report which interested both dealers and con= sumers. It was predicted by dealers several days ago that turkey prices probabiy will not be high for the approaching Thanksgiving holiday season. Dealers realize, however, that weather condi- tions will be a determining factor in the matter of prices. A continued firm” condition of the egg market was reported this morning, dealers expressing the belief that cur- rent receipt stock from country stores far distant from State roads will not be so heavy while the rain lasts. Butter prices took a slight drop yesterday, being one of the few commodities fered at lower prices. Prices of pras tically all other products this morni :ere the same as prices quoted yester- ay. Today's Wholesale Prices. Jobbers® Prices Slightly Higher, g Butter — One-pound _prints, ~46a47; tub, 45',a46; store packed, 30a32. Eggs—Hennery, 55, fresh selected, 48 Poultry, alive—Turkeys, hens, 35; toms, 33; Spring chickens, large, 27a28; broilers, 30; Leghorns, 24a25; fowls, 27a23; Leghorns, fowls, 20a21: roosters, 18a20; ducks, 15a20; keats, young, 40a 60; old, 30. Dressed—Turkeys, 40a45; Spring chickens, large, 37a38; medium, broilers, 37a38; Leghorns, 35; 24a25; ducks, 28a30; keats, 20a23; veal, 24a28; lamb, 26a27; pork loins, 30; fresh ham, 22a25; fresh shoulders, 20a23; smoked hams, 26a28; smoked shoulders, 18a20; bacon, 28; lard, in bulk, 14; in pack- ages, 15. ll:;lve stock—Calves, 1412; lambs, 12! a 25% | a50; current receipts, 43a45. Fruit and Vegetable Review. The daily market report on_fruits and vegetables, compiled by the Market News Service Bureau of Agricultural Economics (sales to jobbers except where otherwise noted) says: Apples—Supplies moderat light, market steady: bushel: U. S. No. 1, 2'2 inches up, Grimes, 2.00a2.25, few best, 2.50; U. S. No. 1, 23, inches up, Yorks, 2.00a2.25; un- classified Yorks., 23, inches up, 1.75; 2Y,-215 inches, Yorks, 75a1.00; U. S. No. 1, 3 inches up, Staymans Black Twigs, 225; few fine quality, 2.50; 2% inches uP, Staymans Black Twigs, 1.75a2.00; 21, inches up, Staymans and Black Twigs, 1.50a1.75. Boxes: Washington, extra fancy Delicious, medium to large 1, | size, 3.75a4.00; extra fancy Jonathans, 2 | medium to large size, 3.25. 2| Cabbage—Supplies moderate; demand * | light, market steady; New York, 90- pound sacks, Danish type, 1.50a1.65; New York and Pennsylvania, 100-pound sacks, Danish type, 1.75. Celery—Supplies light; demand light, naazr:et dull; New York, 2-3 crates, 2.00 a Grapes—Supplies of Eastern stock light; demand slow, market dull; New York, 12-quart Climax baskets, Con- cords, U. S. No. 1, 50a55, few 60; 2- quart Climax baskets, Concords, mostly 18, few higher. Pennsylvania, cartons containing twelve 2-quart Climax baskets, Concords, mostly 2.50. Lettuce—Supplies. moderate; demand light, market dull: Western stock, Cali- fornia crates, Iceberg type, 4-5 dozen, 4.00a4.25, few low as 3.75, few high as Onions—Supplies light: demand light, market steady; New York, Michigan and Ohio, 100-pound sacks, yellows, U. S. No. 1, medium to large size, 2.00a225; Michigan, 50-pound sacks, yellows, U. S. No. 1, 1.00a1.10. Potatoes—Supplies moderate; demand light, market dull; New York, 150~ pound sacks, round whites, U. S. No. 1, 4.65; Maine, 120-pound sacks, Green Mountains, U. S. No. 1, 3.85a4.00; Idaho, 110-pound sacks, Russet = Burbanks, U. S. No. 1, 4.50. Sweet Potatoes—Supplies light: de- mand slow, market dull; East Shore, Virginia, and North Carolina, cloth-top barrels, yellows, No. 1, 2.25a2.50; few 2.75; Eastern Shore, Maryland, bushel hampers, yellows, No. 1, 90a1.00. Lima Beans—Supplies moderate; de- mand moderate, market steady; East- ern Shore, Maryland, bushel hampe: best, fair quality mostly around 3.00; poorer low as 2.00. ‘Tomatoes—Supplies moderate; de- mand light, market steady; nearby Maryland, half-bushel hampers, mostly fair quality, 75a1.00. Caulifiower—Supplies moderate; dee mand_slow, market dull; New York, Long Island, crates, 2.50a2.73; Colorado, pony ‘crates, 1.50a1.75; ordinary quale ity, 1.25a1.40, MAKE-UP ART TAUGHT IN BERLIN ACADEMY Society Women, as Well as Theatri- cal and Cinema Professions, Included in Roster. BERLIN (N.AN.A).—A “make-up” academy has been opened in Berlin nof only for the benefit of the th and einema professions, but also for so- clety women. You may bring your own powders, lipsticks, etc., but you will be advised to others if what you have 1s deemed unsuitable for you. ‘The “professors” to persuade every comer to make the best of her own'type, though they will even change the type and make a Gretchen into a Carmen or vice versa, if madame insists. ‘The pupils begin by learning some- thing about the anatomy of the face. You cannot expect to make up satisfac- torily if you are in grolound ignorance of the working of the muscles around your mouth when you smile, for in- stance, The use of a triple mirrgg is cated, 8o the maker-up mn;"judl:d ;:; work from both sides, profile and three- quarters-view, “ 2